Enlight Renewable Energy (NASDAQ:ENLT) Trading Up 7.6% - Time to Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report)'s stock price was up 7.6% on Tuesday . The stock traded as high as $15.50 and last traded at $16.01. Approximately 8,818 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 16,262 shares. The stock had previously closed at $14.88.

Analyst Upgrades and Downgrades

Several brokerages have commented on ENLT. Deutsche Bank Aktiengesellschaft began coverage on shares of Enlight Renewable Energy in a research note on Thursday, March 6th. They issued a "buy" rating and a $22.00 price target on the stock. Wolfe Research cut Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.25.

Enlight Renewable Energy Stock Performance

The company has a fifty day moving average price of $16.35 and a two-hundred day moving average price of $16.32. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 43.36 and a beta of 1.26. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.17. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. The company had revenue of $114.21 million during the quarter, compared to analyst estimates of $289.04 million. As a group, equities research analysts expect that Enlight Renewable Energy Ltd will post 0.41 EPS for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy

Several large investors have recently modified their holdings of ENLT. Y.D. More Investments Ltd lifted its holdings in shares of Enlight Renewable Energy by 18.6% during the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company's stock valued at $53,043,000 after purchasing an additional 482,129 shares during the last quarter. Phoenix Financial Ltd. lifted its stake in Enlight Renewable Energy by 42.2% during the fourth quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company's stock valued at $21,634,000 after buying an additional 372,403 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Enlight Renewable Energy in the third quarter worth about $4,901,000. Meitav Investment House Ltd. increased its position in shares of Enlight Renewable Energy by 4.0% in the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company's stock worth $101,910,000 after acquiring an additional 229,255 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Enlight Renewable Energy during the fourth quarter valued at approximately $3,631,000. 38.89% of the stock is owned by institutional investors.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.